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Preferences Between Continuous Streams of Events

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Author Info
Charles M. Harvey (Department of Decision and Information Sciences, University of Houston)
Lars Peter Østerdal (Department of Economics, University of Copenhagen)
Abstract

Cost-benefit and health policy studies often model a consequence occurring over time as a continuous stream of events. Such a consequence is measured by the rates at which events occur or by the states that occur, and the value of the consequence is measured by an integral. This paper presents a foundation for such models. It defines conditions on preferences between consequences that are equivalent to an integral value function having a discounting function and an intertemporal equity function.

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File URL: http://www.econ.ku.dk/Research/Publications/pink/2005/0512.pdf
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 05-12.

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Length: 32 pages
Date of creation: Aug 2005
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Handle: RePEc:kud:kuiedp:0512

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Related research
Keywords: discounting equity continuous time value function evaluation

Find related papers by JEL classification:
D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
  2. Gerard Debreu, 1959. "Topological Methods in Cardinal Utility Theory," Cowles Foundation Discussion Papers 76, Cowles Foundation, Yale University. [Downloadable!]
  3. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July. [Downloadable!] (restricted)
  4. Loewenstein, George & Thaler, Richard H, 1989. "Intertemporal Choice," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 181-93, Fall. [Downloadable!] (restricted)
  5. Harvey, Charles M., 1994. "The reasonableness of non-constant discounting," Journal of Public Economics, Elsevier, vol. 53(1), pages 31-51, January. [Downloadable!] (restricted)
  6. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August. [Downloadable!] (restricted)
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